Mace has reported that its annual results for 2010 were better than expected, with rises in both turnover and pre-tax profit.
Mace’s turnover increased 17.2% to £851M in 2010 from £726M in 2009, and profit before tax increased 9% to £21M. Mace has a five year growth plan to grow turnover by more than 50% by 2015. Mace chairman and chief executive officer Stephen Pycroft said cash balances remained healthy, at £104.6M at December 2010 with no debt. Mace delivered beyond expectation, he said.
“In the year where we also celebrated our 20th anniversary our construction delivery business was responsible for 76% of the company’s turnover and, in spite of the severe cutbacks in both the private and public sectors, both in the UK and overseas, our consultancy business performed well contributing £204.3M in revenue.”
In the 12 month period to December 2010, Mace’s international operations grew from 49 countries to 65. Mace’s 2010 wins include London Bridge Quarter, New Doha International airport, Thames Water programme management and EDF Energy nuclear new build.